GST hike squeezes oil explorers as tax burden climbs to 18%
India oil exploration sector faces a punishing fiscal blow after the GST Councils decision to raise service taxes from 12% to 18%. The September 2025 hike will saddle upstream companies with billions in additional costs, squeezing ONGC, Oil India, Vedanta and Reliance at a time when commodity price volatility and currency pressures already challenge project economics across the energy sector.